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J.M. Smucker Chief Executive Officer Mark Smucker said consumers struggling with higher costs, combined with persistent price inflation for coffee purchases, led the company to cut guidance for the year. https://t.co/QRFjOGwXzF
J.M. Smucker Slips on Lowered Guidance In contrast, shares of J.M. Smucker fell around 4% after the consumer foods giant trimmed its full-year guidance. The company reported quarterly revenue of $2.13 billion, aligning with analysts’ forecasts according to FactSet. However,…
🔵 JIF PEANUT BUTTER MAKER JM SMUCKER CUTS ANNUAL FORECASTS ON SLOWING DEMAND Full Story → https://t.co/n5uANnZJ2y Jif peanut butter maker J.M. Smucker cut annual sales and profit forecasts on Wednesday, hurt by cost-conscious consumers switching to lower-priced alternatives… https://t.co/GTRH8wmmMT
J.M. Smucker Company reported mixed results for its first quarter, with net sales reaching $2.13 billion, an increase of 18% or $319.9 million year-over-year. However, the company lowered its full-year earnings forecast due to slowing demand, particularly impacted by cost-conscious consumers opting for lower-priced alternatives. The net income per diluted share was reported at $1.74, while adjusted earnings per share stood at $2.44. CEO Mark Smucker attributed the guidance cut to consumers facing higher costs and ongoing price inflation, especially in coffee products. Following the announcement, shares of J.M. Smucker fell approximately 4% in pre-market trading.
